When I’m asked that question my response is, each person is different and may have a different situation. Let me explain , lets say you live in Braintree and purchased your home for $420,000 and your realtor tells you’re your home is now worth $360,000 , your plan is to sell your home and move to Weymouth and purchase a home for $450,000. Well in this case yes it is a great time to sell because you’re buying up and the home you’re buying in Weymouth was worth more at the same time you purchased your home in Braintree.
Let’s say you’re selling your home in Quincy and you’re moving down the cape to retire. You purchased your Quincy home in 1985 for $225,000 and your selling today for $380,000 yet you may have obtained more in a few years back and your buying down the home your purchasing is $230,000 down the cape. It’s still a good time to sell because it’s all about quality of life, your going to be happy in your new were its smaller a home and easier to maintain.
The last scenario I will share with you would be your selling your home in Abington and decide to rent you realize your going to experience a $80,000 lose on the sale of your home, yet your still going to walk away with a $70,000 check for the proceeds from that sale. Well all real estate experts myself included say we probably won’t see the values increased for the next few years we more often to see the real-estate market stabilize, yet if you take a close look at the money market you may notice that some areas have seen some consistent growth. So you put your $70,000 precede check with your financial adviser and now you can take advantage of the equity that remains in your home. Also keep in mind what tax write offs you may be able to take advantage of.
I hope you found this helpful, and if there is a topic you would like me to cover or is there a home you want to see or if you are considering on selling your home please feel free to contact me.
John Connolly, Vice President
SUCCESS! Real Estate